High adoption of fire pump test meters in industrial plants for the measurement of flow rate
Growing demand for fire protection systems in the industrial manufacturing industries have a significant impact on the growth of the fire pump test meters market. Fire pump test meters are used for the flow measurement of gases and liquid flows in fire pump systems. Due to the significant expansion of the oil, gas and chemical industries in various countries around the world, Future Market Insights believes that the fire pump test meters market will witness a considerable growth rate during the forecast period.
In addition, the better performance of industries, such as power generation, pulp & paper and fire protection, is expected to create potential growth opportunities for the fire pump test meters market.
The high adoption of fire sprinklers and fire protection systems in various industries is also generating the rapid demand for fire pump test meters. Moreover, the continuous innovation and development of fire sprinklers and fire protection equipment in various countries is driving the fire pump test meters market. For instance, according to the president of A.R.T. Fire Protection, Inc., “The business of fire sprinklers was very good in 2017, and the market is strong in British Columbia, Canada.” Furthermore, rapid industrialisation in various emerging economies, such as China, India, Brazil and Russia, is creating a high demand for fire pump test meters.
For instance, according to the India Brand Equity Foundation, “The oil & gas industry in India is growing robustly and players are undertaking investments to cater to the escalating demand”. Moreover, the industry is expected to attract investments amounting to US$ 25 Billion in exploration and production by 2022.” These factors are boosting the growth of the fire pump test meters market.
Extensive demand for quality-tested and customisable fire pump test meters
With the recent developments in fire protection systems, the demand for fire pump test meters with additional levels of accuracy is increasing rapidly. Moreover, increase in the demand for customised fire pump test meters to meet construction requirements is propelling the growth of the fire pump test meters market.
For instance, GVIFlow, an American company that offers fire pump test meters and fire suppression accessories, recently introduced a digital gauge in its fire pump test meters, which has a 4-20 ma output and can transmit flow data back to the laptop, controller or software. Moreover, the growing demand for fire pump test meters that can withstand difficult environments is propelling the fire pump test meters market.
Stringent regulations and growing demand for Factory Mutual (FM)-approved fire pump test meters
Various associations and regulatory bodies have defined a set of standards that are needed to provide an essential level of security for fire protection systems. These standards and regulations are playing an important role and are creating high demand for fire pump test meters. Moreover, with steady growth in infrastructure in various countries around the world, the usage of high-performance fire protection systems is not only critical, but also necessary.
Various providers of fire pump test meters are focusing on providing FM-approved and National Institute of Standards and Technology (NIST)-traceable calibrations. These are the some of the key standards that are contributing to the growth of the global fire pump test meters market.
APEJ is expected to strengthen its dominance owing to rapid growth in the oil & gas and power generation sectors
Asia Pacific excluding Japan is expected to hold a significant market share in the global fire pump test meters market during the forecast period. Rapid developments in oil & gas industries and high growth in power generation industries are creating high demand for fire pump test meters. Moreover, expanding investments in oil & gas and power generation sectors by countries in the region, such as India and China, are expected to drive the fire pump test meters market in APEJ.
In addition, China and India are ranked 1st and 3rd respectively in terms of electricity generation, and the increasing demand for fire protection systems in these industries is driving the fire pump test meters market. Furthermore, increasing infrastructure development in the countries of APEJ is also supporting the demand for fire pump test meters.
For instance, in December 2018, the Government of India planned to invest around US$ 10 billion to expand the gas pipeline network across the country. Furthermore, Oil & Natural Gas Corporation in India is planning to invest approximately US$ 2.7 billion in drilling oil & gas wells in 2018-2019. These investments in end use sectors are supporting the growth of fire pump test meters market.
Partnerships and new product innovations remain the key strategies of vendors
The providers of fire pump test meters are continuously focusing on the development of advanced technology products with the latest standards, as well as on entering into partnerships with other local providers of fire pump test meters.
For instance, in June 2018, Victaulic announced the launch of an FM-approved and UL-listed line of Firelock IGS grooved sprinklers and FireLock IGS style V9 sprinkler coupling, which can be easily reconfigured and installed. Some of the key players in the fire pump test meters market are GVI Flow, Victaulic Company, Rapidrop Global, Ltd., Guardian Fire Equipment, Inc., Gerand Engineering, MECON GmbH, Ayvaz, Badger Meter, Inc., Anvil International and Akron Brass.
Key Segment
On the basis of pipe size
- 1-5 inches
- 5.1-9 inches
- 9.1-12 inches
On the basis of body type
- grooved
- flanged
- others
On the basis of end use
- oil
- gas & chemicals
- power generation
- manufacturing
- fire protection
- pulp & paper
- other industries
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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